CORRECTION - Alpine Income Property Trust Announces 2023 Transaction Activity and Provides Corporate Update
04 Janvier 2024 - 11:30PM
In a release issued under the same headline earlier today
by Alpine Income Property Trust, Inc. (NYSE: PINE), please
note that in the last bullet of the "2023 Investment Activity"
list, the weighted average initial investment yield should be
9.1%, not 7.9% as previously stated. The corrected release
follows:
Alpine Income Property Trust, Inc. (NYSE: PINE)
(the “Company”) today announced its 2023 investment and disposition
activities and provided a corporate update.
2023 Investment Activity
- During the year
ended December 31, 2023, the Company acquired 14 net lease retail
properties for total acquisition volume of $82.9 million,
representing a weighted average going-in cash cap rate of 7.4%.
Acquisitions completed during the year had a weighted average
remaining lease term of 8.7 years and approximately 66% of
annualized base rents are from a tenant or the parent of a tenant
with an investment grade credit rating.
- During the year
ended December 31, 2023, the Company originated three first
mortgage structured investments totaling $38.6 million at a
weighted average initial yield of 9.1%.
- The Company’s
total investment activity for the year ended December 31, 2023,
which includes its acquisition and structured investment
activities, totaled $121.5 million at a weighted average initial
investment yield of 7.9%.
- During the
fourth quarter of 2023, the Company acquired two net lease retail
properties for total acquisition volume of $3.0 million,
representing a weighted average going-in cash cap rate of 7.3%.
Acquisitions completed during the fourth quarter had a weighted
average remaining lease term of 9.6 years and 100% of annualized
base rents are from a tenant or the parent of a tenant with an
investment grade credit rating.
- During the
quarter ended December 31, 2023, the Company originated two first
mortgage structured investments totaling $30.8 million at a
weighted average initial yield of 9.2%.
- The Company’s total investment
activity during the fourth quarter of 2023 totaled $33.8 million,
representing a weighted average initial investment yield of
9.1%.
2023 Disposition Activity
- During the year
ended December 31, 2023, the Company sold 24 net lease properties
for total disposition volume of $108.3 million, at a weighted
average exit cap rate of 6.3%. The sale of the properties generated
aggregate gains of $9.3 million.
- During the fourth quarter of 2023,
the Company sold two net lease properties for a total disposition
volume of $8.7 million, representing an exit cap rate of 7.3%.
2023 Capital Markets and Balance Sheet
Highlights
- During the year
ended December 31, 2023, the Company repurchased 899,011 common
shares at a weighted average gross price of $16.23 per share, for a
total cost of $14.6 million. As of December 31, 2023, the Company
had approximately $0.8 million remaining on its current common
stock buyback program.
- During the
fourth quarter of 2023, the Company repurchased 594,790 common
shares at a weighted average gross price of $16.01 per share, for a
total cost of $9.5 million.
- During the year
ended December 31, 2023, the Company issued 665,929 common shares
under its ATM offering program at a weighted average gross price of
$18.96 per share, for total net proceeds of $12.4 million.
- As of December
31, 2023, there were 14,883,061 shares of common stock and
operating partnership units outstanding.
- The Company currently has no debt
maturities until 2026.
Year-End 2023 Portfolio
Update
- As of December
31, 2023, the Company owned 138 net lease properties representing
$38.7 million of annualized base rent.
- The Company’s
portfolio at year-end 2023 had a weighted average remaining lease
term of 7.0 years and approximately 65% of annualized base rents
are from a tenant or the parent of a tenant with an investment
grade credit rating.
- The Company’s top five tenants
based on total annualized base rent are Walgreens, Lowe’s, Dick’s
Sporting Goods, Dollar Tree/Family Dollar, and Dollar General. All
top five tenants maintain investment grade credit ratings.
About Alpine Income Property Trust,
Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE)
is a publicly traded real estate investment trust that seeks to
deliver attractive risk-adjusted returns and dependable cash
dividends by investing in, owning and operating a portfolio of
single tenant net leased commercial income properties that are
predominantly leased to high-quality publicly traded and
credit-rated tenants.
We encourage you to review our most recent
investor presentation which is available on our website at
http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include general business and economic conditions, continued
volatility and uncertainty in the credit markets and broader
financial markets, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, illiquidity of real estate investments and
potential damages from natural disasters, the impact of the
COVID-19 Pandemic and its variants on the Company’s business and
the business of its tenants and the impact on the U.S. economy and
market conditions generally, other factors affecting the Company’s
business or the business of its tenants that are beyond the control
of the Company or its tenants, and the factors set forth under
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, the Company’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2023, and other risks
and uncertainties discussed from time to time in the Company’s
filings with the U.S. Securities and Exchange Commission. Any
forward-looking statement made in this press release speaks only as
of the date on which it is made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
The Company defines “Annualized Base Rent” or
“ABR” as the annualized straight-line in-place base rent required
by the tenant’s lease as of December 31, 2023. ABR is a non-GAAP
financial measure. We believe this non-GAAP financial measure is
useful to investors because it is a widely accepted industry
measure used by analysts and investors to compare the real estate
portfolios and operating performance of real estate investment
trusts.
Contact: |
Matthew M. Partridge |
|
Senior Vice President, Chief Financial Officer & Treasurer |
|
(407) 904-3324 |
|
mpartridge@alpinereit.com |
Alpine Income Property (NYSE:PINE)
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